The Nigerian National Petroleum Company Limited (NNPCL) has reported a surge in crude oil theft incidents throughout the Niger Delta, with a staggering 149 cases occurring in just one week. This alarming increase in illegal activities has raised serious concerns about the security and integrity of oil infrastructure in the region. According to a statement released on a Tuesday, NNPCL disclosed that one of the incidents involved the discovery of an oil bunkering site in Osuobodo, located between two ANTAN flow stations south of the Oguta naval base in Imo state. The situation has become particularly worrisome as the criminals…
Author: Temitope Nlewemchi
Dangote Industries Limited has once again emphasized its unwavering dedication to environmental sustainability in the communities where its diverse business units are operational. Their commitment is manifested through a firm focus on harnessing natural and renewable resources. In a statement, the company emphasized its commitment to educating Small and Medium Enterprises (SMEs) on the importance of driving positive change and promoting sustainable production and consumption. These efforts, they believe, contribute to creating a more harmonious society conducive to economic development. Arvind Pathak, the Group Managing Director of Dangote Cement Plc, expressed these sentiments during the Sustainable Living Fair, an event…
The United Bank for Africa Plc recently conducted a remarkable initiative known as Fraud Awareness Week, with the primary objective of empowering customers with knowledge and tools to protect themselves against fraudulent activities and financial malpractices within the banking and financial sector. This week-long event, which took place from Monday, October 16th to Friday, October 20th, 2023, garnered significant participation from key stakeholders in the financial sector. These stakeholders voiced their concerns about the escalating instances of fraud and explored potential strategies to combat this pressing issue. As part of its comprehensive awareness campaign, the bank organized a Stakeholders’ Round-Table…
The Federal Government has unveiled an ambitious strategy aimed at enhancing the reach and effectiveness of its Value-Added Tax (VAT) collection. Under this plan, the government intends to employ additional tax agents across five key sectors. The objective is to maximize VAT coverage and collection, aligning with the provisions of Section 14 (3) of the VAT Act, and ultimately achieve the projected earnings from VAT revenue over the next few years. Value-Added Tax (VAT) is a consumption tax at a rate of 7.5 percent that is administered by the Federal Inland Revenue Service (FIRS). It is levied on the purchase…
Nigeria and Uganda have taken a significant stride in enhancing their air transport cooperation, heralding a new era of connectivity between West and East Africa. This breakthrough comes as Uganda’s national carrier, Uganda Airlines, introduces a new flight service connecting Entebbe International Airport to Lagos, Nigeria. This collaboration aims to foster greater connectivity and simplify travel between the two nations. The inaugural flight was piloted by a team of Nigerian aviators who undertook the journey from Entebbe to Lagos. This new air link, which will initially operate three times a week, represents a pivotal development in air travel between the…
The pivotal role of drivers within Bolt Nigeria’s operations was highlighted by Yahaya Mohammed, the Country Manager. This acknowledgment came during the inauguration of a groundbreaking driver engagement hub located in Lagos. The primary purpose of this hub is to enhance the experience of driver-partners while operating within the company’s service area. In a statement provided to The PUNCH on Monday, Mohammed emphasized the vital contribution of drivers to the company’s success. He stated, “Drivers are at the core of our business, and we want to see them succeed and grow their earnings. We also understand that every moment matters,…
Flight operations have recommenced at the Hassan Usman Katsina International Airport in Kaduna after a prolonged suspension due to security threats. The suspension stemmed from a devastating terrorist attack on the airport, as reported by Infostride News in March 2022. At that time, the Kaduna International Airport became the target of a large group of terrorists, estimated to be over 200 strong. Their presence effectively occupied the airport, preventing any aircraft from taking off or landing. This dire situation left travelers on the Lagos-Kaduna route with limited options, forcing them to either divert their flights to Kano or Abuja and…
The Lagos State Division of the Tax Appeal Tribunal has recently issued a significant ruling that requires MTN Nigeria Communications to pay a substantial sum of $72,551,059 in back taxes to the Federal Inland Revenue Service (FIRS). The period under scrutiny for this tax assessment spans from 2007 to 2017. This decision comes as a result of an appeal filed by MTN against the FIRS’s request for the payment of these outstanding taxes. The Tax Appeal Tribunal, led by Professor A. B. Hamed, and comprised of panel members P. A. Olayemi, Babatunde Sobamowo, Samuel N. Ohwerhoye, and Terzungwe Gbakighir, delivered…
The decision by the new Governor of the Central Bank of Nigeria, Dr. Yemi Cardoso, to lift the forex ban on 43 items has sparked a heated debate among major players in the Nigerian Maritime sector. While some view this move as a positive step for the economy, others remain skeptical about its impact. Infostride News delves into the intricacies of this decision and the various perspectives it has garnered. On October 12, 2023, the Central Bank of Nigeria made a significant announcement – the ban on forex for the importation of certain items, including rice, vegetable oil, and poultry…
The Nigerian Association of Small and Medium Enterprises (NASME) is embarking on a groundbreaking initiative to revitalize the Micro, Small, and Medium Enterprises (MSMEs) sector by launching a substantial N2 billion empowerment fund. Dr. Abdulrashid Yerima, the National President of NASME, made this momentous announcement during a recent media briefing held in Abuja. In a bid to foster economic growth and bolster the capabilities of MSMEs, Yerima detailed the ‘MSME 4.0 Program and Empowerment Funds,’ specially crafted to harness the potential of the Fourth Industrial Revolution (4IR) and the African Continental Free Trade Area (AfCFTA). Embracing the Digital Age Yerima…
The Chair of the US Securities and Exchange Commission (SEC), Gary Gensler, has issued a stark warning about the urgent need for financial regulators to address the risks associated with the increasing concentration of power within artificial intelligence (AI) platforms. Gensler emphasized that without prompt intervention, the financial industry could face a potential crisis driven by AI within the next decade. This alarm was sounded by Gensler during a recent address to financial stakeholders, as reported by Infostride News, wherein he stressed that the regulation of AI presents a formidable challenge for US regulators. The risks associated with AI are…
In the midst of a hopeful narrative regarding the growth in the net asset value of pension funds by administrators, retirees in Nigeria are confronted with a stark reality – the substantial depreciation in the actual value of their pension assets when assessed in terms of the US dollar. This situation underscores the complex interplay between economic factors, currency devaluation, and inflation, which is affecting the financial well-being of pensioners. As of July 2023, data from Nigeria’s Pension Commission, also known as “Pencom,” reveals that pension funds have reached a net asset value of N17.07 trillion. This marks an impressive…
The 2023 Half-Year EO1 Compliance Report, as revealed by the Presidential Enabling Business Environment Council (PEBEC), has highlighted the Nigerian Content Development and Monitoring Board (NCDMB) as the exemplar of efficiency and transparency within government agencies. This recognition signifies a significant step toward advancing Nigeria’s business environment and underscores the positive impact of regulatory reforms and initiatives within the country. In this detailed report, we will delve into the significance of this achievement, the background of the Executive Order (EO1), the role of PEBEC in fostering a business-friendly environment, and the specific criteria used to evaluate the performance of various…
The Federation Account Allocation Committee (FAAC) has, in its latest meeting held in October 2023, disbursed a total of N903.4 billion in Federation Account Revenue for the month of September 2023 to various tiers of the government in Nigeria. This allocation, as reported by Infostride News, encompasses the Federal Government, States, and Local Government Councils, signifying a crucial financial transaction that impacts the entire nation. This substantial sum of N903.480 billion is a culmination of various revenue streams. According to FAAC, it comprises N423.012 billion in distributable statutory revenue, N282.666 billion in distributable Value Added Tax (VAT) revenue, N10.989 billion…
Nigeria’s Net Foreign Assets (NFA) have witnessed a precipitous decline, plummeting by a staggering 91.7% to a meager N591 billion. These alarming statistics were disclosed in the Central Bank of Nigeria’s (CBN) most recent monetary data, painting a concerning picture of the country’s economic stability. This sharp decline has been part of a tumultuous trend that commenced in June 2023, signifying significant challenges and uncertainties on the horizon for Nigeria’s financial landscape. To delve deeper into this financial turmoil, we must first comprehend the significance of Net Foreign Assets, as they serve as a critical indicator for a nation’s economic…
Ms. Patience Oniha, the Director-General of the Debt Management Office (DMO), has outlined the Federal government’s initiatives to enhance revenue, aiming to significantly reduce its debt-service ratio by 20% in the medium term. These strategic measures are expected to lead to a remarkable reduction in the ratio over the next four years, according to Oniha in an interview with Bloomberg. It is essential to note that the following content discusses these efforts in detail, emphasizing the significance of growing revenue, the initiatives President Tinubu has set in motion, Nigeria’s tax-to-GDP ratio, and the nation’s public debt. In her statement, Ms.…
The Nigerian Air Traffic Controllers Association (NATCA) has expressed serious concerns about recent imbalanced recruitment practices within aviation agencies, notably the Nigerian Airspace Management Agency (NAMA). They argue that these recruitment practices contradict the agency’s founding principles and are detrimental to its mission. NATCA, serving as the parent body of Air Traffic Controllers (ATCOs), has underscored the critical issue of inadequate technical expertise and a lack of human capital development within NAMA. They maintain that the kind of personnel being brought into the agency is incompatible with its actual operational needs. NATCA’s President, Mr. Abayomi Agoro, conveyed these concerns during…
President Bola Tinubu, in a significant and heartfelt gesture, has approved a substantial allocation of N18 billion to provide Group Life Assurance benefits and additional entitlements to the families of fallen servicemen and women from the Nigerian Armed Forces. This momentous announcement took place within the dignified setting of the Emblem Appeal launch for the 2024-Armed Forces Remembrance Day, hosted at the Council Chamber of the State House in Abuja. During this solemn occasion, President Tinubu emphasized the government’s deep sense of gratitude for the selfless sacrifices made by the dedicated members of the armed forces. This allocation stands as…
The Federal Government has made it clear that it intends to remove unverified civil servants from its payroll as part of the ongoing Integrated Personnel and Payroll Information System (IPPIS) verification process, and this will be implemented by Friday, October 27, 2023. The announcement was conveyed in a statement issued by Mr. Mohammed Ahmed, the Director of Communication in the office of the Head of the Civil Service of the Federation (HOCSF). The IPPIS system has been in operation since 2007, with the primary objective of achieving transparency, accuracy, safety, and reliability in managing personnel records within the government. Additionally,…
The Nigerian Railway Corporation has officially confirmed that the highly anticipated electronic ticketing (e-ticketing) system on the Lagos-Ibadan standard gauge rail line is set to be implemented starting next week. This significant development was publicly announced by the Managing Director of the Corporation, Fidet Okhiria, during a recent interview on Television Continental (TVC). According to Mr. Okhiria, the final testing phase for the e-ticketing platform is expected to conclude today, Wednesday. This rigorous testing is aimed at ironing out any potential issues or glitches to ensure a seamless and hassle-free experience for passengers once the system goes live. The e-ticketing…